It’s a seller’s market all over the country, and many homeowners are now wondering if it’s time to cash in on the additional equity that they’re sitting on. This is especially true in San Mateo, California, where it was already a hot market before the pandemic-induced home sales this year and last year. When it comes to selling a home, timing isn’t the most critical factor; however, it can put a home seller at an advantage.
Read more below to learn how to know when it’s the best time to sell property in San Mateo as well as in neighboring Burlingame.
What does the San Mateo, California, housing market currently look like?
Burlingame is a city within San Mateo County. It is known for its excellent quality of life and is referred to as the City of Trees. Located along the shoreline of San Francisco Bay, it provides residents with beautiful views. According to Redfin, the San Mateo housing market is highly competitive, with a score of 83 out of a possible 100. In July 2021, home prices were 10% higher than they were the year prior. Average home prices are $1.6 million and sell on average after ten days on the market. According to Zillow, houses for sale in Burlingame go for over $2.6 million. Home prices are up 12.5% from last year. Needless to say, it’s the perfect time to sell your home, whether you’re in San Mateo or in Burlingame.
The Best Time of Year to Sell a Home
Traditionally, homes sell best from spring through the summer as families typically plan their home purchasing activities around the school year calendar. Potential buyers are more likely to view homes as the weather warms up. However, one must dig into the statistics in the area that they’re looking to sell to find the prime time of year to sell a home. For example, December is the time to sell a home in Las Vegas, Nevada. For San Mateo, August is the best time to sell a property. HomeLight states that, in May, homes sell on average in six days in San Mateo. However, one can sell their home for 3.74% more in August if they want to wait a few more months. Determining the “best” time to sell a home is subjective, as it depends on the homeowner’s goals. San Mateo sellers who want to sell fast should list their homes in May; if they’re hoping to receive the highest price possible, they should list in August.
Low Mortgage Rates
Another factor in deciding when to sell your San Mateo property is figuring out what makes financial sense for you in purchasing your next home. Currently, mortgage rates are at historic lows, making borrowing for that next dream home much more attractive and affordable. According to NerdWallet, the average rate for a 30-year fixed-rate mortgage is 2.86%.
Low mortgage rates also benefit you as a home seller because low rates will empower more people to buy, increasing the pool of prospective homebuyers interested in your property. And when you go to purchase another home, low mortgage rates will give you more buying power.
Is It Financially Beneficial for You to Sell Your Home at This Time?
The market and time of year aren’t the only things to consider when ascertaining the best time to sell your San Mateo property. You also should think about your finances, living situation, and the condition and value of your current home when assessing a potential sale.
Is Your Home Equity Positive?
You can calculate the equity in your home by subtracting any remaining loan balances from the market value of your home. So, if your property is worth $1.6 million and you owe a balance of $800,000, you have $800,000 in home equity. Work with a reputable real estate agent experienced in San Mateo property sales to determine the realistic sales price for your San Mateo County property. It’s not advisable to rely on tax records.
Ideally, you should have enough equity in your home not only to purchase a new home but to put toward moving expenses and have a bit left over for profit. If you have little or no equity, it might be better to wait until your home increases in value, you pay down the mortgage or both.
Your Home Doesn’t Have to Be Perfect to Sell
You may think that now isn’t the best time to sell your San Mateo property because you still need to renovate your kitchen and master bathroom. Buyers in a seller’s market, especially during this COVID-19 era, are willing to go with less than perfect homes. Buyers are eager to put in a bit of elbow grease to renovate. What’s most important to buyers now are amenities both inside and outside of the home. They’re looking for livable spaces to home-school their children in and work from and for separate areas where they can spend time with their family. The big open floor plan is no longer the preferred layout as people are finding themselves spending most of their time at home. People now need doors to provide quiet and privacy during their at-home business meetings.
So, consider applying a fresh coat of paint, decluttering spaces, and removing furniture from your home (if possible) to make the room appear as large as possible. Those minor improvements and lots of light and bright photography can be enough to sell your home in a matter of days.
Work With an Experienced Burlingame or San Mateo Realtor®
No matter what you decide or when you choose to sell your Burlingame or San Mateo property, you’ll want to work with a knowledgeable San Mateo or Burlingame real estate agent. They can assist you in analyzing houses for sale in Burlingame and San Mateo and help you arrive at the optimal selling price for your home. They can also assist you in determining when to sell your Burlingame or San Mateo home. Ready to take the next step? Reach out to local agent David Tapper for expert guidance during the selling process.